British fintech giant Revolut has achieved a historic milestone in 2024. According to its latest annual report published on April 24, the company’s net profit has doubled, reaching $1.3 billion. This massive growth is largely credited to the rising popularity of cryptocurrency trading and a surge in new users.
Revolut, founded by Nik Storonsky, saw its revenue grow by 72% year-over-year, jumping from £1.8 billion in 2023 to £3.1 billion in 2024. The company’s user base also saw a major leap, with over 15 million new customers joining the platform. This growth brought the total number of active users to more than 50 million worldwide.
Explosive Growth Driven by Crypto
Revolut’s Wealth Management division played a significant role in the company’s financial success. In 2024, this segment brought in £506 million in revenue—a fourfold increase compared to 2023. The surge came as crypto markets rebounded strongly, driving massive trading volumes on the platform.
With renewed interest in Bitcoin, Ethereum, and other digital assets, this company capitalized on the trend by offering a smooth and user-friendly trading experience. This allowed both casual users and experienced traders to benefit from the bullish momentum in the crypto market.
Crypto trading, combined with income from card fees and interest from customer deposits, helped propel Revolut into one of its most successful years to date.
50 Million Users and Counting
The rapid expansion of Revolut’s user base in 2024 has been another key factor in its record-breaking performance. Nearly 15 million people signed up for the app over the past year, pushing the total user count to over 50 million.
This sharp increase in customers boosted transaction volume and overall engagement across the platform. As a result, it was able to collect higher card payment fees and generate more interest from deposits.
The growth has not only helped improve its financial results but has also positioned it as one of the leading neobanks globally.
New Banking License and Expanded Services
July 2024 marked a major milestone for Revolut, as the company finally secured its long-awaited UK banking license. This achievement came after three years of navigating complex regulatory procedures.
With this license, Revolut can now offer a wider range of financial services. These include credit cards, buy-now-pay-later options, and potentially even mortgage products, currently being tested in select markets.
The banking license is expected to boost customer trust and support further expansion into traditional financial services.
Launch of Revolut X: A New Crypto Exchange
Another major highlight of 2024 was the launch of Revolut X, a new cryptocurrency exchange aimed at advanced users.
Launched in May, Revolut X allows traders to access 100 different tokens with significantly lower trading fees compared to other platforms. The service was initially released on desktop and will become available on mobile in 2025.
Currently, it is available in 30 European markets, and its reach is expected to expand further in the coming year. This move places the company in direct competition with established crypto exchanges like Binance and Coinbase.
Strong Deposit Growth, But Challenges Remain
Despite its success, Revolut still faces some hurdles. One key challenge is converting more users into primary banking customers. Although millions use the app for payments and trading, fewer treat Revolut as their main bank.
However, the company has seen strong growth in client balances. Total customer deposits rose from $23.9 billion in 2023 to $39.8 billion in 2024. This growth supports Revolut’s lending ambitions and strengthens its ability to compete with traditional banks.
Still, increasing the number of users who use Revolut for everyday banking needs—like payroll, savings, and bill payments—remains a top priority for the company moving forward.
A New Era for Digital Finance
Revolut’s record-setting year reflects a broader shift in the financial world. As more people adopt digital banking and embrace crypto assets, companies like Revolut are poised to lead the transformation.
Its success in 2024 shows that with the right technology, user experience, and market timing, fintech companies can outperform traditional banks in many areas.
Moreover, the combination of a growing user base, a booming crypto market, and an expanded suite of services makes Revolut one of the most watched fintech players globally.
What’s Next?
Looking ahead, Revolut plans to continue its expansion in both fintech and crypto sectors. The mobile launch of Revolut X in 2025 is expected to attract even more crypto traders. At the same time, the new banking license will allow the company to offer more traditional financial products.
There’s also growing interest in potential mergers or acquisitions that could further solidify Revolut’s position in the market. With its impressive financial results and bold vision, Revolut is likely to remain a dominant force in digital finance for years to come.
Its performance in 2024 is a clear signal that fintech is thriving, especially when paired with the growing demand for cryptocurrency services. By blending innovative banking tools with cutting-edge crypto offerings, the company has created a powerful ecosystem that continues to attract users and investors alike.
With more than $1.3 billion in profit, 50 million users, and a solid banking foundation, the company is now entering a new era of growth and global influence.
As the world moves further into the digital age, Revolut’s 2024 success story may just be the beginning.
